America is the land of opportunity. However, opportunity can mean additional tax considerations, especially for foreign individuals setting up a business on U.S. soil. It is imperative to structure the business appropriately from the beginning so as not to trigger any unintended U.S. tax...
Read MoreIt is about this time every year when CPAs remind their clients that any foreign bank and financial accounts must be disclosed to the U.S. Department of Treasury by June 30th. My colleague Ray Polantz explains the foreign bank account reporting (FBAR) requirements in greater detail in his recent...
Read MoreWe certainly have seen an increase in oil and gas activity throughout Northeast Ohio over the past few years. One of the great aspects of oil and gas deals is the flexible structures they offer. Common conveyances include leases, subleases, sales, production payments, sharing arrangements and...
Read More(And why does it matter?
Read MoreOftenin the establishment of a new partnership, one partner (the contributing partner) contributes an asset such as land or a building and other partners contribute cash. This is especially common in the real estate industry and is a nontaxable transaction under Internal Revenue Code (IRC...
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